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Bioanalytical Systems, Inc. (NASDAQ:BASI) announced today that on August 15, 2013, the Company received a letter from the Nasdaq Listing Qualifications Department stating that the Company no longer complies with the Listing Rules for continued listing of the Company's common shares on the Nasdaq Capital Market since the Company has not yet filed its Form 10-Q for the period ended June 30, 2013 with the Securities and Exchange Commission.
The Letter further stated that, under the listing rules, the Company has until October 14, 2013 to submit a plan to regain compliance. If the Company's plan is accepted, the Company may be granted an exception of up to 180 calendar days from the initial filing's due date, or until February 10, 2014, to regain compliance. The Company intends to comply with the dates given above in order to regain compliance with the listing rules.
On August 14, 2013, the Company filed a 12b-25 indicating that the Company could not, without unreasonable effort or expense, file its Form 10-Q for the three and nine months ended June 30, 2013 by the original due date of August 14, 2013 until management could resolve a complex accounting issue related to the accounting treatment for the outstanding warrants.
Non-Reliance on Previously Issued Financial Statements
On August 19, 2013, the Audit Committee of Bioanalytical Systems, in consultation with management, concluded that, because of an error identified in the Company's previously issued financial statements for the fiscal years ended September 30, 2011, September 30, 2012 and the first two fiscal quarters of 2013, the Company should restate its previously issued financial statements for the relevant periods. Accordingly, investors should no longer rely upon the Company's previously released financial statements and related auditors' reports for these periods or any earnings releases or other communications relating to these periods.